Russia's Zarubezhneft, Turkish Unit International signed a $7 billion agreement with Iran's Ghadir Investment Holding to drill for oil and natural gas in Iran, the Turkish company confirmed on August 16, 2017.
In a statement Unit International said that it has struck a $7 billion deal with its Russian and Iranian partners for drilling in 3 oil and a natural gas fields in Iran.
The oil fields were reported to have an estimated reserve of 10 billion barrels and will produce 100,000 barrels per day.
The natural gas field, on the other hand, has an annual production capacity of 75 billion cubic meters.
The consortium will also be allowed to carry out drilling projects in other regions of Iran, the statements said.
The new partnership, which is the 1st trilateral investment agreement between an Iranian company and foreign partners, has been described as a milestone in the Iranian petrochemical industry.
Ghadir will lead the consortium, but all 3 companies are equal partners where they will allocate equal investment shares in the jointly-financed projects.
To read the news in Russian.
